Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][6]. Core Insights - The company's microelectronics business, primarily focused on the distribution of general-purpose and AI-specific chips, is experiencing rapid growth, with IT distribution and value-added services accounting for 95.54% of revenue in the first half of 2025 [1]. - The company is advancing its "Digital Cloud Integration" strategy, with its AI-driven digital cloud services and software business achieving revenue of 1.64 billion yuan, a year-on-year increase of 14.1% [2]. - The company has established a robust ecosystem with over 1,500 partners through its "Thousand Sails Program," enhancing its channel network and industry coverage [1]. - The proprietary brand business is stable, with the company developing AI computing servers suitable for various applications, and has completed product mutual certification with nearly 300 ISV partners [3]. Financial Summary - Revenue projections for 2025-2027 are 144.87 billion yuan, 156.93 billion yuan, and 168.46 billion yuan, respectively, with corresponding net profits of 1.10 billion yuan, 1.55 billion yuan, and 1.76 billion yuan [3][4]. - The company’s PE ratios are projected to be 24.82, 17.60, and 15.47 for 2025, 2026, and 2027, respectively [3][4]. - The net profit margin is expected to improve, with net profit growth rates of 45.83% in 2025 and 41.05% in 2026 [4][17].

Core Viewpoint - The company has established partnerships with multiple hospitals for the deployment of its proprietary AI integrated machines, focusing on post-operative rehabilitation diagnosis in oncology, indicating a significant market potential in the healthcare sector [1] Group 1: Company Developments - The company has collaborated with several hospitals, specifically in the area of post-operative rehabilitation diagnosis for cancer patients [1] - The current phase of AI business in the healthcare industry is primarily focused on pilot applications, with plans for gradual market expansion [1] Group 2: Industry Insights - The healthcare sector is identified as a key industry for the company's AI business development, suggesting a strategic focus on this area [1] - The company's existing technology and product accumulation are expected to help build a competitive advantage in the market [1]

Group 1 - The core viewpoint emphasizes that listed companies in China are not only the main force behind data growth but also serve as a stabilizing factor in the industry ecosystem, focusing on long-term value and comprehensive governance [2] - In 2025, the capital market aims for steady progress and quality improvement amidst multiple risks, enhancing market resilience and risk resistance, leading to reasonable quantitative growth and effective qualitative enhancement [2] - The market's expectations for listed companies have shifted from short-term performance to long-termism and comprehensive value, including governance structure, stable returns, strategic layout in frontier fields, and deep ESG practices [2] Group 2 - The 2025 T-EDGE Global Dialogue, organized by Titanium Media Group, NextFin.AI, and Barron’s China, highlights the importance of recognizing companies that redefine industry boundaries and emphasizes the core logic of "value investment" [3] - The EDGE AWARDS annual list includes categories such as Most Socially Responsible Company, Best Board Secretary, Most Investment Value Company, and Best Investor Relations Management Company, recognizing outstanding performance in governance, investment value, social responsibility, and investor relations [3][4] Group 3 - Aier Eye Hospital is recognized as a leader in ESG practices, integrating ESG into its core business and governance structure, while actively engaging in public welfare projects to enhance national eye health [5] - Betaini Group focuses on creating a skin health ecosystem and incorporates green development into its strategy, promoting biodiversity and sustainable practices [6] - Kweichow Moutai leads the liquor industry with a brand value of 468.718 billion, actively engaging in ecological protection and social responsibility initiatives [7] - JD Group has created significant employment opportunities and is committed to improving living conditions for its delivery personnel, with plans to invest 22 billion in housing projects [8] - Quantitative Group, listed on the Hong Kong Stock Exchange, leverages AI technology to reshape online consumption and has achieved a compound annual growth rate of 44.59% in revenue from 2022 to 2024 [9] - Seres focuses on new energy vehicles and has established a robust ESG governance framework, with significant growth in revenue and sales projected for 2024 [10] - Shui Jing Fang integrates social responsibility into its corporate strategy, setting clear environmental goals and contributing to community development [11] - China Baoan actively engages in social responsibility through its subsidiaries, contributing to community welfare and healthcare improvements [13] Group 4 - The Best Board Secretary category highlights the importance of effective communication between listed companies and the public, emphasizing the role of board secretaries in enhancing corporate governance [14] - Ren Shunying from Anfu Technology is recognized for her expertise in capital operations and corporate governance, significantly contributing to the company's compliance and investor relations [15] - Xia Ping from Jiahe Intelligent is noted for her effective investor relations management and participation in strategic planning [16] - Li Liangyu from Robotech is acknowledged for his role in maintaining corporate governance and enhancing market recognition [17] - Zhang Wenyu from Tianqi Lithium is recognized for his contributions to market value management and investor relations [18] Group 5 - The Most Investment Value Company category identifies companies with clear business models and significant breakthroughs in technology or policy, indicating strong growth potential [19][20] - Orbbec, a leader in 3D vision technology, has achieved over 70% market share in key sectors and continues to lead industry advancements [20] - BYD maintains its position as a global leader in new energy, with significant growth in overseas markets and a strong investment outlook [21] - Cambrian has entered a critical profitability phase, with substantial revenue growth and a strong market position in AI chips [22] - Hanlan Environment focuses on environmental services and has achieved consistent profit growth, attracting long-term investors [23] - Geely Auto has demonstrated strong financial performance and strategic integration, positioning itself for sustained growth [24] - Kanghong Pharmaceutical emphasizes innovation in drug development and has shown robust revenue growth, indicating long-term investment value [25] - Lens Technology maintains a strong market position with solid cash flow and growth potential in the automotive and consumer electronics sectors [26]

神州数码集团股份有限公司 2025年员工持股计划第一次持有人会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、持有人会议召开情况 证券代码：000034 证券简称：神州数码 公告编号：2025-191 神州数码集团股份有限公司（以下简称"公司"）2025年员工持股计划（以 下简称"本持股计划"）第一次持有人会议于2025年12月22日形成有效决议，会 议由公司董事会秘书陈振坤先生召集。参加本次持有人会议的持有人共741名， 代表本持股计划203,500,000份，占本员工持股计划已认购总份额(不含预留部分) 的90.08%。本次会议的召集、召开和表决符合本持股计划的有关规定，合法有效。 二、持有人会议审议情况 本次持有人会议以记名投票表决方式审议通过了以下议案： （一）审议通过《关于设立神州数码集团股份有限公司 2025 年员工持股计 划管理委员会的议案》 为保证本持股计划的顺利实施，保障持有人的合法权益，同意根据《神州数 码集团股份有限公司 2025 年员工持股计划》和《神州数码集团股份有限公司 2025 年员工持股计划管理办法》的相关规定，设 ...

来源：新浪证券-红岸工作室 12月22日，神州数码跌0.18%，成交额5.32亿元，换手率2.31%，总市值273.39亿元。 异动分析 AI PC+英伟达概念+液冷服务器+物联网+网络安全 1、2025年9月1日互动易：日前公司联合京东推出"灵觅"品牌AIPC，计划于近期上架销售。 2、2023年5月17日互动易回复：公司是英特尔、英伟达的分销合作伙伴。 3、2023年5月22日互动易：公司目前正在进行液冷整机柜产品的需求设计和开发。目前液冷共有两种主 流的技术方案，分别是浸没方案和冷板方案，分别适用于不同的数据中心场景，公司当前规划的液冷整 机柜产品会基于冷板开发。 4、公司是目前国内唯一同时获得AWS、Azure、阿里云国内最高等级合作伙伴身份的公司，也是首批 通过Oracle Cloud MSP认证的大中华区合作伙伴及华为战略合作伙伴；同时，以Salesforce、SAP、 Oracle、MS Office365为主力，公司构建起汇聚120余种主流云应用SaaS资源、500余家云生态合作伙伴 资源的云资源池。最广泛的云资源确保公司能提供满足多种行业和不同应用场景、个性化和多元化的云 服务。 区间今日近 ...

Group 1 - The company held its 25th meeting of the 11th Board of Directors on December 21, 2025, with all 7 directors participating in the voting, which complied with relevant regulations [2][4] - The Board approved a proposal to increase the number of guarantee objects within the company's guarantee limit, which will be submitted for shareholder meeting approval [3][5] - The Board also decided to cancel the originally scheduled 7th extraordinary shareholder meeting on December 24, 2025, and adjusted the 8th extraordinary shareholder meeting to be held on December 31, 2025 [6][7] Group 2 - The company previously approved a total guarantee limit of up to RMB 680 billion, with specific limits for subsidiaries based on their asset-liability ratios [11][12] - The current proposal includes adding two new subsidiaries, Shenzhen Huatang Micro Technology Co., Ltd. and System Information Technology (Hong Kong) Co., Ltd., as guarantee objects within the existing limit [13][14] - As of the announcement date, the total amount of guarantees provided by the company and its subsidiaries is RMB 652.45 billion, with an actual utilization of RMB 278.49 billion, representing 301.23% of the company's latest audited net assets [17] Group 3 - The company will hold the adjusted 7th extraordinary shareholder meeting on December 31, 2025, with specific voting times and procedures outlined for both on-site and online participation [26][27] - The meeting will include a proposal to increase the number of guarantee objects, which has been submitted as a temporary proposal by a significant shareholder [24][25] - The company emphasizes that the cancellation of the previous meeting and the adjustments made are in compliance with relevant laws and regulations [22][23]

（文章来源：证券日报） 证券日报网讯 12月21日晚间，神州数码发布公告称，公司第十一届董事会第二十五次会议审议通过 《关于在公司担保额度内增加担保对象的议案》《关于取消召开2025年第七次临时股东会的议案》。 ...

Group 1 - The core point of the article is that Digital China (SZ 000034) announced a board meeting to discuss increasing the guarantee amount for certain objects within the company's existing guarantee limit [1] - For the first half of 2025, Digital China's revenue composition is as follows: IT distribution accounts for 95.54%, proprietary brands for 4.33%, cloud services for 2.3%, and headquarters and others for 0.19%, with inter-segment elimination accounting for -2.35% [1] - As of the report date, Digital China's market capitalization is 27.4 billion yuan [1] Group 2 - The article mentions a significant shift in the AI smartphone market, with Doubao taking the lead, while Apple and Google are perceived as lagging behind [1] - Industry insiders describe Apple as the "most conservative major player" in the AI smartphone competition [1]

神州数码集团股份有限公司 关于在公司担保额度内增加担保对象的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 神州数码集团股份有限公司（以下简称"公司"）第十一届董事会第二十五 次会议于 2025 年 12 月 21 日审议通过了《关于在公司担保额度内增加担保对象 的议案》。依据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自 律监管指引第 1 号——主板上市公司规范运作》和《公司章程》等相关规定，本 议案尚需提交股东会审议。具体情况如下： 一、担保基本情况 证券代码：000034 证券简称：神州数码 公告编号：2025-188 （一）前次已预计担保额度情况 公司于 2025 年 3 月 27 日召开的第十一届董事会第十三次会议、2025 年 4 月 22 日召开的 2024 年年度股东大会，审议通过了《关于预计担保额度的议案》， 同意公司和控股子公司向业务相关方（包括但不限于银行、金融机构及供应商等） 申请授信或其他履约义务，同意为下属控股子公司提供担保或控股子公司之间提 供担保。其中，为资产负债率低于 70%的控股子公司提供担保的额度不超过人民 ...

一、取消的股东会基本情况 证券代码：000034 证券简称：神州数码 公告编号：2025-189 神州数码集团股份有限公司 关于取消召开2025年第七次临时股东会的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 经神州数码集团股份有限公司（以下简称"神州数码"、"公司"）第十一届董事 会第二十三次会议审议通过，公司拟定于 2025 年 12 月 24 日（星期三）下午 14：30 召开公司 2025 年第七次临时股东会，具体内容详见公司于 2025 年 12 月 4 日披露的 《关于召开 2025 年第七次临时股东会的通知》（公告编号：2025-179）。 公司第十一届董事会第二十五次会议于 2025 年 12 月 21 日审议通过了《关于取 消召开 2025 年第七次临时股东会的议案》，同意取消原定于 2025 年 12 月 24 日（星 期三）召开的 2025 年第七次临时股东会，同时将原定于 2025 年 12 月 31 日（星期三） 召开的 2025 年第八次临时股东会顺次调整为 2025 年第七次临时股东会。现将有关事 宜公告如下： 因相关事项发 ...